INVESCO PERPETUAL SELECT TRUST PLC                       

    Headline:       Conversion of Shares

    The Board of Invesco Perpetual Select Trust plc (the 'Company') announces that
    valid Conversion Notices have been received in respect of:

            66,966 UK Equity Shares            
                                               
             5,575 Global Equity Income Shares 
                                               
            69,746 Balanced Risk Shares        
                                               
            28,966 Managed Liquidity Shares    

    The respective Conversion Ratios were as follows:

      * For every UK Equity Share converted, holders will receive 1.071188 Global
        Equity Income Shares, 1.404828 Balanced Risk Shares or 1.518215 Managed
        Liquidity Shares;
      * For every Global Equity Income Share converted, holders will receive
        0.933543 UK Equity Shares, 1.311467 Balanced Risk Shares or 1.417319
        Managed Liquidity Shares;
      * For every Balanced Risk Share converted, holders will receive 0.711831 UK
        Equity Shares, 0.762505 Global Equity Income Shares or 1.080713 Managed
        Liquidity Shares;
      * For every Managed Liquidity Share converted, holders will receive 0.658668
        UK Equity Shares, 0.705557 Global Equity Income Shares or 0.925315 Balanced
        Risk Shares.

    The Conversion Ratios, which will be effective on 1 February 2016, are based on
    the relative net asset values of the Company's Share classes as at close of
    business on 21 January 2016.

    Individual Shareholders' entitlements on conversion on 1 February 2016 will be
    rounded down to the nearest whole number of Shares. Fractional entitlements
    will be aggregated and sold in the market. The Shares arising or allotted
    pursuant to the conversion will rank pari passu with the existing Shares of the
    relevant class and, for the avoidance of doubt, will not rank for the dividends
    declared on 14 January 2016 in respect of the UK Equity and Global Equity
    Income Shares.

    The net changes to the number of shares outstanding following the conversion
    and allotments are as follows:

           -52,730 UK Equity Shares                                 
                                                                    
          +112,717 Global Equity Income Shares                      
                                                                    
           -46,947 Balanced Risk Shares                             
                                                                    
           -28,966 Managed Liquidity Shares                         
                                                                    
           +26,109 Deferred Shares                                  

    Following the conversion, the total number of listed Shares in issue (excluding
    shares held in treasury) will be:

        39,974,244 UK Equity Shares               
                                                  
        33,108,029 Global Equity Income Shares    
                                                  
         7,335,326 Balanced Risk Shares           
                                                  
         5,055,990 Managed Liquidity Shares       


     

    The Company has applied for the following numbers of Shares arising or allotted
    pursuant to conversion to be admitted to the Official List and to trading on
    the London Stock Exchange:

            14,236 UK Equity Shares               
                                                  
           118,292 Global Equity Income Shares    
                                                  
            22,799 Balanced Risk Shares           

    Dealings in such shares are expected to commence at 8.00 a.m. on 2 February
    2016. It is expected that Certificates in respect of the Resulting Shares will
    be posted by 12 February 2016.

    The Deferred Shares arising on the conversion will be cancelled.

    .

    The remaining conversion dates for 2016 and those for 2017 are set out below.
    Elections for conversion must be received by close of business ten days prior
    to the respective conversion date. Where that day is not a business day,
    elections by way of CREST must be transmitted and properly authenticated by
    3.00pm on the last preceding business day. Written elections will be accepted
    if received by the first post on the following business day.

    Conversion Date           Date by which elections for
                              conversion must be received
                                                         
    3 May 2016                23 April 2016              
                                                         
    1 August 2016             22 July 2016               
                                                         
    1 November 2016           22 October 2016            
                                                         
    1 February 2017           22 January 2017            
                                                         
    2 May 2017                22 April 2017              
                                                         
    1 August 2017             22 July 2017               
                                                         
    1 November 2017           22 October 2017            

    Instructions on how to convert Shares on any conversion date are available on
    the web pages of all the share classes on the Investment Manager's website: 
    www.invescoperpetual.co.uk/investmenttrusts and from the Company Secretary.

    28 January 2016

    Contact:       Angus Pottinger        020 3753 1000